The U.S. Securities and Exchange Commission and the National Association of Securities Dealers have agreed to extend the comment period for a proposed variable annuity sales suitability rule.[@@]
The SEC is extending the comment period to Sept. 19, from Aug. 11, “to give the public additional time to comment on the proposed rule,” the agency says in a notice issued earlier this week.
The American Council of Life Insurers, Washington, had asked the SEC to extend the comment period.
In a letter to SEC Secretary Jonathan Katz, the ACLI argued that the comment period was not long enough to give those concerned time to fully study the proposed rule.